Canada Seafood Market Report. March 2012

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1 Canada Seafood Market Report March 2012

2 Foreword Dear Reader, The seafood industry is a highly fragmented, yet globalized business that is currently experiencing rapid consolidation as companies work to balance increasing global demand against sustainability of supply. Canada represents one of the top exporting nations for seafood and therefore one of the major players in the global seafood industry. This report provides an analytical overview of the main driving forces within the Canadian seafood industry, from fishing and processing to distribution and marketing to the plates of domestic and international consumers. In recent years, Íslandsbanki has maintained its seafood-focused research work and published numerous well-received research reports focusing on both markets and species. This report on the Canadian Seafood Market was prepared by the Seafood Team at Íslandsbanki in co-operation with Glacier Securities; a New York based strategic advisory firm, and a wholly owned subsidiary of Íslandsbanki, specializing in providing corporate advisory in the seafood industry. The report builds upon data from various sources, including the Food and Agriculture Organization, Fisheries and Oceans Canada, Agriculture and Agri-Food Canada, and others. The Seafood Team at Íslandsbanki hf. Key Highlights The Canadian Seafood Market Canada is the 22nd largest fishing nation in the world with annual production of 1.1 million MT Newfoundland, Nova Scotia and British Columbia are the provinces in Canada with the most valuable fishing resources in terms of value Total 2011 exports of seafood products in Canada are valued at $4.1 billion CAD Commercial landings on the Atlantic Coast of Canada represent 84% of total landing volume The most important species in terms of value is lobster, followed by snow crab (queen crab) and shrimp Canadian aquaculture is rapidly growing with salmon farming at the forefront. Canada ranks 4th in the farming of Atlantic salmon, behind Norway, Chile, and the U.K. For more information, please visit our websites: 2

3 Íslandsbanki Seafood Industry Team Íslandsbanki offers comprehensive financial services to individuals, households, companies, and professional investors. Building on a tradition of service to the Iceland s basic industries, Íslandsbanki has developed expertise in two key economic sectors seafood and geothermal energy. Today, loans to seafood industry companies represent the third largest share of the bank s loan portfolio, or approximately 13%. This underscores the seafood industry s great importance to the bank. Íslandsbanki employs a group of experts who focus on the seafood industry. The group is part of the corporate banking unit and handles relations and services for domestic and foreign seafood industry companies, as well as the publication of analyses and reports. Vilhelm Mar Thorsteinsson Managing Director Corporate Banking Over 12 years of Corporate banking experience Runar Jonsson Executive Director Seafood Over 14 years of seafood and finance experience Ragnar Gudjonsson Senior Business Manager Over 40 years of seafood experience Over the years, many of the largest and leading seafood industry companies in Iceland and many other countries have been customers of Íslandsbanki and its predecessors. Íslandsbanki s loan Portfolio by Industry 6% 4% 5% 6% 32% Individuals Real estates Goverment secured customer loans Seafood Hjortur Thor Steindorsson Senior Business Manager Over 10 years of corporate banking experience Karen B. Johannsdottir Credit Manager Over 3 years of finance experience Linda G. Lyngmo Analyst Over 3 years of finance experience 11% Commerced and services Finincial ins?tu?on 3 13% 8% 15% Industrial Investment companies Other

4 Íslandsbanki Seafood Industry Dashboards Íslandsbanki s Seafood Industry Dashboard is an international source of inform ation designed to make it easier for the industry to follow various data series on the seafood industry. The information in question is collected from various databases and widely dispersed websites, but the dashboard permits this data to be viewed in one place in graphic form. The dashboard is divided into four parts: Global, United States, Iceland and Stock watch. Global: International data on the seafood industry, including volume of fish catches, fish farming, and consumption by countries, as well as daily data on the prices of various fish products. United States: Data on the seafood industry in the United States, including volume of fish catches, fish farming, and consumption. Surveys of the main seafood products and their prices relative to other sources of protein. Iceland: Data on the Icelandic seafood industry, including the share of the seafood industry in national product, volume of fish catches, exports, operations, and profits of seafood industry companies, as well as daily prices of cod, haddock, and saithe in fish markets. Stock watch: Share prices for the world s principal seafood industry companies, as well as three Íslandsbanki Share Price Indices for the seafood industry. The indices are based on the 15 largest seafood industry companies in each separate continent. Íslandsbanki s Seafood Industry Dashboard is open to all and accessible on the bank s seafood industry website: 4 Source: Íslandsbanki

5 Table of Contents The Global Seafood Market 6 Global Supply and Demand 7 Global Import and Export 8 Íslandsbanki Seafood Indexes 9 Íslandsbanki Seafood Americas Index 10 compared to other Americas Stock Indexes Canada Overview 11 The Canadian Economy 12 Canadian Provinces 13 State of the Resource in Canada 14 Lobster 15 Snow Crab (Queen Crab) 16 Shrimp 17 Scallop 18 Mackerel 19 Herring 20 Aquaculture 21 Salmon 22 Canadian Seafood Supply 23 Canadian Landings 24 Landings by Species 25 Historical landings 26 Canadian Seafood Exports by Province 27 Canadian Seafood Exports by Species 28 Canadian Seafood Exports by Destination 29 Development of top six Export Destinations 30 Canadian Seafood Demand 31 Protein Consumption 32 Seafood Consumption 33 Seafood Consumer Prices 34 Canadian Seafood Imports 35 Canadian Seafood Companies 36 Disclaimer Selected Seafood Companies 37 Listed Canadian Seafood Companies 38 5

6 The Global Seafood Market - I

7 Global Supply and Demand The Canadian seafood industry produces annually more than 1 million MT while Canadians consume approximately 800 thousand MT, which is about 1% of total annual global seafood consumption. China is the largest seafood market in the world, both from the perspective of consumption and production. Total Seafood Consumption by Countries in 2007 in Million MT The world s Main Seafood Supply Countries in 2009 (Marine Fisheries) in Million MT China Japan US India Indonesia Philippines Russia South Korea Bangladesh Viet Nam France Thailand Spain Italy Egypt Malaysia Nigeria Brazil Myanmar UK Germany Mexico Canada China Indonesia India Peru Japan Philippines Viet Nam US Chile Russia Myanmar Norway South Korea Thailand Bangladesh Malaysia Mexico Brazil Morocco Spain Iceland Canada Source: FAO 7

8 Global Import and Export In 2009, Canada ranked 8th worldwide among seafood exporting countries in terms of value and 14th among seafood importing countries. Canada s seafood exports have historically exceeded imports, resulting in annual trade surpluses. The top ten seafood exporting countries account for about 51% of total exports in the Industry. Top Eight Exporters of Fish and Fishery Products (2009) in Billion USD Top 14 Importers of Fish and Fishery Products (2009) in Billion USD China 10.5 Norway Thailand 6.2 Viet Nam 4.3 US Denmark Chile Canada US Japan Spain France China Italy Germany UK Denmark Netherlands South Korea Sweden Hong Kong Canada 8 Source: FAO

9 Íslandsbanki Seafood Indexes In January 2009, Íslandsbanki launched three stock market indexes representing the Americas, Europe, and Asia/Africa. Further information on stock prices and index composition can be found on the Islandsbanki Seafood Dashboard at Each index contains fifteen of the largest publicly traded companie s, taking into consideration market capitalization and free-float number of shares. Since January 2009 (index = 100) the Americas index has increased by 75.5%, which is equivalent to a compounding annual growth rate of 20.6%. The index peaked in December 2010 when it reached Source: Bloomberg, Capital IQ & Íslandsbanki Íslandsbanki Seafood Indexes, Jan.2,2009 = Company Name Aquachile SA Blumar SA Copeinca ASA Australis Seafoods SA Multiexport Foods SA Pesquera Exalmar SA CIA Pesquera Camanchaca SA High Liner Foods Inc Austral Group SAA Sociedad Pesquera Coloso Omega Protein Corp. Empresa Pesquera Eperva SA Pesquera Iquique-Guanaye Clearwater Seafoods Inc Invertec Pesquera Mar De Chiloe SA Data Collected Asia, Oceania & Africa Europe America Market Cap. in million USD Total Enterprise Value in million USD 1, Yr Rtn % % % % % % % 23.82% -5.96% % % % 28.19% 56.92% % Country CHILE CHILE CHILE CHILE CHILE PERU CHILE CANADA PERU CHILE US CHILE CHILE CANADA CHILE 9

10 Íslandsbanki Seafood Americas Index compared to other Americas Stock Indexes The Íslandsbanki Seafood Americas Index is a free-float market capitaliz ation weighted index which measures the performance of 15 seafood companies in the America. The Chile Stock Exchange Index (IGPA) is a free-float market capitalization weighted index which includes the majority of the companies traded on the Santiago Stock Exchange. The NYSE Composite Index is a free-float market capitalization weighted index which measures the performance of all common stocks listed on the New York Stock Exchange. The two largest sectors within the index are financials and oil & gas. The Peru Stock Exchange Index (IGBLV) is a market capitalization weighted index which tracks the performance of the largest and most actively traded companies on the Lima Stock Exchange. Mining is the largest single sector within the index. Stock Market Indexes, Jan.2,2009 = /2/09 7/21/09 2/6/10 8/25/10 3/13/11 9/29/11 Íslandsbanka Americas Index Chile IGPA Index NYSE Composite Index (^NYA) Peru IGBVL Index 10 Source: Íslandsbanki, Bloomberg, Capital IQ & Ernst & Young

11 Canada Overview - II

12 The Canadian Economy Located in North America, Canada borders the North Atlantic Ocean on the east, North Pacific Ocean on the west, and the Arctic Ocean on the north. The country is rich in natural resources such as natural gas, oil, agriculture, and seafood. Since World War II the growth of manufacturing, mining, and the service sectors has transformed the country into an industrial economy. The country has a substantial trade surplus with the U.S., its biggest trading partner. Canada s major banks have emerged from the financial crisis as among the strongest in the world due to conservative lending practices and strong capitalization. Area: 9,984,670 km2. Second largest country after Russia and slightly larger than U.S. Population: 34.3 million Major Cities: Ottawa (capital)(1.2m), Toronto (5.4m), Montreal (3.75m), Vancouver (2.2m) GDP (PPP): US$1.389 trillion GDP growth (PPP): 2.2% GDP per capita (PPP): US$40,300 GDP composition by sector: agriculture: 1.9%, industry: 27.1%, services: 71% Inflation rate: 2.8% Unemployment: 7.4% Trade Balance: export $450.1 billion, import $459.6 billion Nominal GDP & Inflation Rate Numbers are 2011 estimates % 4.0% 3.0% 2.0% 1.0% 0.0% CAD/USD Exchange Rate of the CAD to USD Nominal GDP Infla:on Rate 12 Source: Capital IQ and CIA World Factbook

13 Canadian Provinces Atlantic Coast Provinces: Newfoundland & Labrador, Nova Scotia, Prince Edward Island, Québec and New Brunswick Export value 2011: $3 billion CAD Main species: shrimp, herring, crab (queen), lobster, scallop, Greenland turbot, clams, and herring Aquaculture 2010: Volume: 70,171 MT Value: $346 million CAD Pacific Coast Provinces: British Columbia Export value 2011: $912 million CAD Main species: hake, salmon, halibut, clams, and crab Aquaculture 2010: Volume: 76,420 MT Value: $413 million CAD Inland Provinces: Ontario and Manitoba Export Value 2011: $145 million CAD Main species: Freshwater Fisheries is the most important fishery in Ontario and Manitoba, representing 88% of overall landed value in Canada in 2008 Aquaculture 2010: Volume: 4,300 MT Value: : $17 million CAD Source: Fisheries and Oceans Canada 13

14 State of the Resource in Canada In Canada, federal jurisdiction over seacoast and inland fisheries was established under the British North America Act of 1867 and later incorporated in the Constitution Act in The mandate of the Department of Fisheries and Oceans (DFO) is outlined in the Government Organization Act, The DFO s mandate has expanded from simply conserving the wild resources; to an emphasis on managing the overall socio-economic aspects of the fishery by governing matters such as fish allocation and licensing. The DFO determines the Total Allowable Catch (TAC) for each species, based on the scientific advice from the Canadian Science Advisory Secretariat and input from the Regional Advisory Process. The assessment criteria include acoustic surveys, bottom trawl surveys, gillnetter telephone surveys, and historic catch volumes. As a general rule, the TAC is normally 20% of the total biomass, without ever exceeding the Maximum Sustainable Yield.* The main species in terms of volume are shrimp, herring, snow crab, lobster, scallop and mackerel. *Maximum Sustainable Yield or MSY is, theoretically, the largest yield (or catch) that can be taken from a species stock over an indefinite period. MSY is extensively used for fisheries management. MSY has been refined in most modern fisheries models and occurs at around 30% of the unexploited population size. This fraction differs among populations depending on the life history of the species and the agespecific selectivity of the fishing method. 14 Historical Landings (Thousand MT) Shrimp Herring Snow Crab Lobster Scallop Mackerel Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada

15 Lobster Often called the King of Seafood, the lobster is found along the east coast of North America, from North Carolina in the U.S. to the Labrador region in Canada, and is most abundant off the coastlines of Maine, southwest of Nova Scotia, and the Gulf of St. Lawrence. The Atlantic lobster fishery is unique as it is not managed on the basis of quotas. It is controlled through minimum sizes, protection of spawning females, limits on the amount caught and type of fishing gear used, and closed seasons. There are approximately 30 lobster seasons annually throughout all five Canadian provinces that border on the Atlantic Ocean. The seasons are staggered over the calendar year to regulate the supply of lobster to the market. Lobster landings peak twice a year from April to June across all regions and from October to December in southwestern Nova Scotia. Commercial Landings by Volume (Thousand MT) Nova Sco1a New Brunswick Prince Edward Island Quebec Newfoundland There are more than 3,200 lobster licenses distributed in the three provinces that the Gulf region encompasses, namely all of Prince Edward Island, parts of New Brunswick, and Nova Scotia. The lobster fishery has been one of the most stable fisheries in the past decade. Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada 15

16 Snow Crab (Queen Crab) Canada is the world s largest producer of snow crab (often referred to as Queen Crab ) with total landings of more than 84,000 MT in Snow crabs range from as far north as the Arctic Ocean, from Newfoundland to Greenland in the Atlantic Ocean, and across the Pacific Ocean, including the Sea of Japan, the Bering Sea, the Gulf of Alaska, Norton Sound, and even as far south as California. However, in Canada, the snow crab is harvested and processed mostly throughout Atlantic Canada and Quebec. In Atlantic Canada, the main fishing areas include the coasts of Newfoundland, the Labrador region, and offshore on the Grand Banks. The Canadian snow crab fishing season runs from April to November. Snow crabs are caught commercially in traps from sandy or muddy bottoms in depths ranging between 1 to 470 meters. Male and female crabs are segregated throughout most of the season where males can be found on muddy bottoms in deep waters and females on sandgravel or rocky bottoms at much shallower levels. Commercial Landings by Volume (Thousand MT) Newfoundland Nova Sco9a Quebec New Brunswick Prince Edward Island The snow crab fishery is managed based on annual TAC, minimum size of both crabs and traps and limitation on seasons and areas. There are approximately 60 different snow crab management areas in Canada and more than 4,000 licenses issued annually. 16 Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada

17 Shrimp The pink cold-water shrimp is considered one of the most important commercial species of shrimp in the world. Among other important shrimp species found in the eastern and northern part of Canada are Aesop shrimp and northern shrimp. In addition, there are about 85 different varieties of cold-water shrimp found on the west coast of Vancouver Island from Queen Charlotte Sound South. In Canada, the shrimp is considered the largest fish species in terms of volume with annual landings of more than 165 thousand MT in the offshore fishery is operated by large processing vessels capable of cooking and freezing shrimp within minutes of harvest. Fresh shrimps are usually available from April through November while frozen shrimps are processed into variety of different product forms and are available year round. Commercial Landings by Volume (Thousand MT) The resource is managed with limits on the number of licenses, size of vessels used, minimum mesh size, use of a specified separator grate, TAC, and a mandatory dockside monitoring of all inshore landings. For the offshore processing vessels, the TAC is divided into enterprise allocations and individual company quotas. All vessels in the offshore fishery must also have independent observers on board at all times The shrimp fishery is divided between inshore and offshore. The inshore boats deliver fresh and frozen shrimp to shore plants for cooking and peeling while Newfoundland Nova Sco8a Quebec New Brunswick Bri8sh Columbia Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada 17

18 Scallop The sea scallop (giant scallop) is one of the most important commercial shellfish species in Canadian fisheries with gross landings of 60 thousand MT in Georges Bank, located off the southwest portion of Nova Scotia, accounts for about 80% of all offshore scallops landings. The remaining 20% occurs off the Atlantic coast of Nova Scotia and off the southern coast of Newfoundland. Scallops can live up to 21 years and need at least four to five years to reach commercial size. Sea scallop are known for their beautiful distinctive circular-shaped shell that can reach up to 8 inches in size. Sea scallops are found on sandy, gravel bottoms in depths ranging from 10 to 384 meters. The offshore concentrations are found in depths between 35 to 120 meters. The fishery is managed in six geographical zones called Scallop Fishing Areas, which range from the St. Pierre Bank off the south coast of Newfoundland to Georges Bank off the southern coast of Nova Scotia. The management measures include meat counts, TAC for each of the six areas, no new licenses, electronic vessel monitoring, dockside monitoring, and industrymanaged closures designed to protect juvenile scallop fishing. Commercial Landings by Volume (Thousand MT) Nova Sco1a New Brunswick Newfoundland Quebec Prince Edward Island Bri1sh Columbia 18 Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada

19 Mackerel In Canada, the Atlantic mackerel fishery is relatively large in terms of volume but not in terms of value compared to other pelagic species. The Canadian mackerel fishing area ranges from Newfoundland and Labrador to Cape Hatteras, North Carolina. The stock is considered to be both competitive and abundant and is not in immediate danger of being overfished to the extent the resource experienced in the 1960s and the 1970s. The main gears used in the mackerel fishery are traps, gillnets, hand lines, and purse seines. The mackerel is usually found in shallow levels close to the shore and is very sensitive to seasonal changes in water temperature. Commercial Landings by Volume (Thousand MT) Global demand for Atlantic mackerel has been increasing as the fish is being sought after for both cooking and sashimi due to its rich flavor. The fish is very high in Vitamin B and Omega-3, containing almost twice as much Omega-3 as salmon Newfoundland Prince Edward Island Quebec New Brunswick Nova ScoCa Source: Sources: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada 19

20 Herring The herring fishery is the largest small pelagic fishery in eastern Canada with annual landings of almost 160 thousand MT in Due to its geographic location, Canadian fisheries have access to both the Pacific and Atlantic herring species. The Pacific herring can be found throughout the north Pacific while the Atlantic herring is widely distributed in the continental shelf waters of the Northeast Atlantic, from Labrador to Cape Hatteras. Many different types of management tools have been applied to the herring fishery, including TAC, ITQ, and limitation on entry for new companies. In Canada, herring is fished both inshore and offshore with many different gear types, the most common being gillnet, purse seine, and weir. The main products from the herring fishery include fresh, frozen, smoked, canned, roe, and by-products such as fishmeal and fishoil. Herring is also an important source of bait for the lobster and snow crab fisheries. Commercial Landings by Volume (Thousand MT) Nova Sco2a New Brunswick Newfoundland Prince Edward Island Bri2sh Columbia Quebec 20 Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada

21 Aquaculture Canada ranks 23rd among world aquaculture producers and is the fourth largest producer of farmed salmon, behind Norway, Chile, and the U.K. Other key aquaculture species are trout, clams, oyster, and mussels. The aquaculture sector is considered an important economic driver in both rural and coastal areas of Canada. In 2010, Canadian farmed seafood was valued at $926 million CAD (161,326 MT). This value has almost quintupled since 1990, when it was valued at $196 million CAD (36,462 MT). It is estimated that the aquaculture sector gene rates more than $2 billion CAD in economic value and provides 14,500 Canadians with full time employment. Canadian aquaculture is divided equally between the Pacific and Atlantic coasts. British Columbia leads all provinces, followed by New Brunswick, Prince Edward Island and Newfoundland. Aquaculture Value in % Aquaculture Volume in % 9% 2% Bri,sh Columbia 8% 4% New Brunswick 21% 7% 3% 1% 16% 53% 51% Newfoundland Nova Sco,a PEI Ontario Québec Bri,sh Columbia New Brunswick PEI Newfoundland Nova Sco,a Ontario Québec Source: Fisheries and Oceans Canada 21

22 Salmon Salmon accounts for 73% of total aquaculture production in Canada. Production is primarily concentrated in British Columbia, New Brunswick, Nova Scotia, and Newfoundland. In 2010, 101,385 MT of farmed salmon were harvested in Canada, a slight increase from the year before. Canada exported 69% of farmed seafood in 2009, of which 97% was to the U.S. In Canada, the salmon industry is managed by the DFO which also manages hatcheries and issues licenses to farming operations. Additionally, the DFO enforces regulations and collects statistics on all relevant salmon species. 22 Aquaculture - Volume (Thousand MT) Salmon Trout Oysters Mussels Clams Other Aquaculture - Value in Million CAD Salmon Trout Clams Oysters Mussels Other Source: Nova Scotia Agriculture and Fisheries, Fisheries and Oceans Canada, FAO. Fisheries and Aquaculture Department, Agriculture and Agri-Food Canada

23 Canadian Seafood Supply - III

24 Canadian Landings Overall Commercial Landings in 2010 (MT Live Weight) Total seafood landings in 2010 were valued at $1.6 billion CAD, a 5.9% decrease from In 2010, 34% of the total volume of commercial fisheries in Canada was landed in Newfoundland, for a total of $510 million CAD. Nova Scotia followed with 29% of total volume landed, valued at approximately $487 million CAD. 38,532 55,434 96, , ,610 Newfoundland & Labarador Nova Scota BriAsh columbia New Brunswick Québec Commercial landings on the Atlantic Coast represent 84% of all landed volume in Canada, and 82% of value. 277,087 Prince Edward Island Overall Commercial Landings in 2010 (Thousand CAD) 103,353 Newfoundland & Labarador 115, , ,692 Nova Scota BriAsh columbia 294, ,031 New Brunswick Québec Prince Edward Island 24 Source: Fisheries and Oceans Canada

25 Landings by Species Canada Landings Top 6 Species in Million CAD Lobster was the most important specie in 2010 in terms of value followed by queen crab, shrimp, and scallop. Of the four major species, lobster, crab and scallop decreased in total value from 2009 to 2010 primarily as a result of decreased landing, lower market prices, and the strengthening of the Canadian dollar. Lobster Crab, Queen Canada Seafisheries Landings 2010 Top 6 Species 29% 4% 5% 5% 16% 24% 17% Lobster Crab, Queen Shrimp Scallop Clams / quahaug Salmon Other Shrimp Scallop Clams / quahaug Salmon Source: Fisheries and Oceans Canada 25

26 Historical Landings Following figures show the development in value in Canada fishery from 1990 to Over the last two decades both groundfish and pelagic have decreased in value by 45% and 58% respectively. The primarily cause for the declining ground fish value is the closing of the cod fishery. Shellfish has, however, increased by 126%, mainly due to increases in crab, shrimp and lobster prices. Landings in Million CAD Species-Groups 2,500 2,000 1,500 1, Groundfish Pelagic & other finfish Shellfish Other Landings in Million CAD Top Species 2,000 1,800 1,600 1,400 1,200 1, Lobster Crab, Queen Shrimp Scallop Clams/quahaug Salmon Halibut Greenland turbot 26 Source: Fisheries and Oceans Canada

27 Canadian Seafood Exports by Province Canada Seafood Export in Million CAD In 2011, Canadian exports of seafood totaled 610 million MT, valued at $4.1 billion CAD. This is an increase in value from 2010 when seafood was exported for $3.9 billion CAD. British Columbia led Canadian provinces with exports of $911 million CAD, followed by Nova Scotia with exports of $902 million CAD. Newfoundland came third with exports of $860 million CAD. Bri/sh Columbia Nova Sco/a Canadian Provinces Seafood Exports in 2011, by Value 21% 4% 2% 2% Bri+sh Columbia 7% 22% Nova Sco+a New Brunswick Newfoundland Quebec Prince Edward Island 22% Ontario 20% Other New Brunswick Newfoundland Quebec Source: Fisheries and Oceans Canada 27

28 Canadian Seafood Exports by Species The most valuable Canadian exports species in 2011 were lobster, salmon, crab and shrimp. The combined value of these species represented about 68% of the total export value. Export value for all species increased in value from 2010 to 2011 except for salmon, which decreased by 11.8% and clam, which deacreased by 8.4%. Canada Seafood Export in 2011, by Species and Value Canada Seafood Export in Million CAD 30% 25% Lobster Crab 1, % 10% 15% 18% Salmon Shrimp, prawn Clam Other Lobster Crab Salmon Shrimp, prawn Clam 28 Source: Fisheries and Oceans Canada

29 Canadian Seafood Exports by Destination In 2011, the main market for Canadian seafood was the U.S., accounting for 62% of exports. Europe accounted for 14.5% of Canada s exports and Japan 6%. The People s Republic of China and Hong Kong continue to grow as export destinations for Canada s seafood products. In 2011, more than $478 million CAD of seafood was destined for these two markets (approximately 11.7% of total exports), up from $389 million CAD in Canada Top Seafood Export Destination in 2011, by Value Canadian Exports from Major Markets in 2011, by Value 15% United States Japan 2% 3% China 3% Hong Kong 9% 62% Russia 6% United Kingdom Other 11% 2% 9% 6% 10% 62% United States Europe Japan China Russia Other Source: Fisheries and Oceans Canada 29

30 Development of top six Export Destinations The U.S., which is the most important market for Canadian seafood, imported $2.5 billion CAD of seafood in European Union was the 2nd most important export market with $400 million CAD imported, followed by Japan with $250 million CAD imported. Development of Seafood Exports in Million CAD 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, United States Japan European Union China Hong Kong Russia 30 Source: Fisheries and Oceans Canada

31 Canadian Seafood Demand - IV

32 Protein Consumption Since 1996, overall animal protein consumption has remained relatively stable at around kg. pr. capita pr. year. In 2009, seafood protein consumption accounted for only 7.8 kg. per Capita of the total protein consumption while poultry and red meat accounted for 37.7 kg. per Capita and 55.5 kg. per Capita respectively. Seafood and red meat protein consumption declined by 2.2kg. and 5.3kg. pr. capita pr. year from 1996 to 2009, while poultry protein consumption increased by 6.9 kg. during the same period. Canada Animal Protein Consumption (In kg. per Capita) Seafood Poultry Red Meat 32 Source: Fisheries and Oceans Canada

33 Seafood Consumption Canadian seafood consumption has trended slightly downwards since it peaked in 1999 primarily as a result of lower landing volumes. Per capita consumption in 2010 increased to 7.32 kg. from 7.18 kg in Canada seafood consumption (In kg. per Capita) Seafish, Fresh & Frozen Seafish, Processed Shellfish Freshwater fish Source: Fisheries and Oceans Canada 33

34 Seafood Consumer Prices Consumer Price Index (CPI) CAGR The Consumer Price Index (CPI) in Canada rose by 2.56% in 2011 which is above the last five years compounding annual growth rate (CAGR) of 1.98%. Seafood prices have increased by 11.2% since 2006 (2.2% CAGR), substantially lower than red meats (3.1% CAGR) and poultry (3.5% CAGR). All Foods Meats Poultry Fish & Seafood Dairy 9.9% 16.3% 18.7% 11.2% 15.3% 1.9% 3.1% 3.5% 2.2% 2.9% Consumer Price Index Poultry Meats Fish and Seafood Dairy 34 Source: Statistics Canada 2012 and IMF Country Data and Statistics

35 Canadian Seafood Imports Seafood Imports Canada 2011 by Countries and Value Canadian imports of fishery products in 2011 were valued at $2.7 billion CAD. Approximately 35% of the total imports, or $957 million CAD, was from the U.S., followed by China with imports of $413 million CAD, and Thailand with imports of $398 million CAD. 24% 5% 5% 15% 15% 36% US China Thailand Viet Nam Chile Other Seafood Imports Canada 2011 by Species and Value 44% 18% 3% 6% 3% 2% 4% 3% 9% 8% Shrimp, prawn Salmon Lobster Tuna Crab Halibut Scallop Squid Cod Other Source: Fisheries and Oceans Canada 35

36 Canadian Seafood Companies - V

37 Selected Seafood Companies The majority of seafood companies in Canada are either privately held or subsidiaries of international seafood companies with limitations on the financial information available. The table below summarizes 12 selected seafood companies that play an important role in the Canadian Seafood Industry. Company Location/ Headquarter Sales 2010 Operations Ownership (CAD millions) High Liner Foods, Inc. Clearwater Seafoods, Inc. Marine Harvest Canada, Inc. Clover Leaf Canada, Ltd EWOS Canada, Ltd. Cooke Aquaculture, Inc. Ocean Nutrition Canada, Ltd. Ocean Choice International, Inc. Barry Group, Inc. Canadian Fishing Company, Ltd. Northern Harvest Sea Farms, Inc. Quinlan Brothers, Ltd. Lunenbourg, Nova Scotia Bedford, Nova Scotia Campbell River, British Columbia Markham, Ontario Surrey, British Columbia St. George, New Brunswick Dartmouth, Nova Scotia St. John s, Newfoundland Corner Brook, Newfoundland Vancouver, British Columbia Letang, New Brunswick St. John s, Newfoundland * 96.4 N/A N/A N/A N/A N/A N/A N/A Processing and Distribution Harvesting, Processing and Distribution Salmon Farming Canned Seafood Products Manufacturing and Distribution of Fish Feed Salmon Farming Marine-Based Production Processing and Distribution Harvesting and Processing Harvesting, Processing and Distribution Salmon Farming Harvesting and Processing Publicly Traded Publicly Traded Marine Harvest ASA Bumble Bee Foods, Inc. Cermaq ASA Privately Held Clearwater Fine Foods, Inc Penney Group, Inc. and others Westfish International, Inc. Jim Pattison Group, Inc. Privately Held Privately Held * Estimates based on 9 month financial statements for 2010 Source: S&P Capital IQ, Company websites, Company Reports 37

38 Listed Canadian Seafood Companies There are two seafood companies listed on the Toronto Stock Exchange with a combined market cap of $381.7 million CAD, which accounts for only 0.02% of the market cap of all listed companies in Canada. Clearwater Seafoods Incorporated (TSX: CRL) Founded in 1976, Clearwater is involved in harvesting, processing and distribution of seafood products into the US market, Canada, Europe, and Asia. LTM revenues on September 30th 2011 were $232.5 million CAD and net income was $7.8 million CAD. Headquarters are located in Bedford, Canada. High Liner Foods Inc. (TSX: HLF) Founded in 1899, High Liner is a value-added processing company that specializes in producing and marketing of prepared and packaged seafood products for the US market, Canada, and Mexico. The company made a strategic acquisition in late-2011 when it purchased the US and Asian operations of Icelandic Group for approximately US$ 280 million. Total revenues for 2011 were $668.6 million CAD and net income was $18.2 million CAD. Headquarters are located in Lundenburg, Canada. Clearwater 5 Year Share Price CAD/Share High Liner Foods 5 Year Share Price CAD/Share Source: S&P Capital IQ, Company websites, Company Reports.

39 Disclaimer This introduction was produced by Íslandsbanki hf. The information in this summary is based on publicly available data and infor mation from various sources deemed reliable. The information has not been independently verified by Íslandsbanki hf. which therefore does not guarantee that the information is comprehensive or accurate. All views expressed herein are those of the author(s) at the time of writing and may change without notice. Íslandsbanki hf. holds no obligation to update, modify or amend this summary or to otherwise notify readers or recipients of this summary in the event that any matter contained herein changes or subsequently becomes inaccurate. This summary is informative in nature, and should not be interpreted as a recommendation to take, or not to take, any particular investment action. This summary does not represent an offer or an invitation to buy, sell or subscribe to any particular financial instruments. Íslandsbanki hf. accepts no liability for any possible losses or other consequences arising from decisions based on information in this summary. Any loss arising from the use of the information in this summary shall be the sole and exclusive responsibility of the investor. Before making an investment decision, it is important to seek expert advice and become familiar with the investment market and different investment alternatives. Various financial risks are at all times present during investment activities, such as the risk of no yield or the risk of losing the capital invested. It should further be noted that international investment includes risks related to political and economic uncertainties, as well as currency risk. Each investor s investment objectives and financial situation is different. Past performance does not indicate or guarantee the future performance of an investment. Reports and other information received from Íslandsbanki hf. are meant for private use only. This material may not be copied, quoted or distributed, in part or in whole, without written permission from Íslandsbanki hf. This document is a brief summary and does not purport to contain all available information on the subject covered. Regulator: The Financial Supervision Authority of Iceland (www.fme.is) United States Neither this report nor copies may be distributed in the United States or to recipients who are citizens of the United States due to restrictions stipulated in U.S. legislation. Distributing the report in the United States might be seen as a breach of the said legislation. Canada The information provided in this publication is not intended to be distributed or circulated in any manner in Canada and therefore should not be construed as any kind of financial recommendation or advice provided within the meaning of Canadian securities law. Other countries Laws and regulations of other countries may also restrict the distribution of this report. This summary does not constitute any solicitation of services by Íslandsbanki hf. in the United States or Canada. For further information relating to this introduction see: https://www.islandsbanki.is 39

40 Íslandsbanki Seafood Team Íslandsbanki, Kirkjusandi, 155 Reykjavík, Iceland Tel.: For more information, please visit our websites:

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